Jan 10, 2024
Coastland Residential Set to Create 690 units in Miami's Dolphin Square
Miami, Florida, is set to witness the emergence of a new landmark as Coastal Residential, a key player in the region's real estate landscape, reveals its latest project: Dolphin Square.
Traded Editorial
Coastland Residential, a multifamily development and investment firm based in Miami, has made a significant move by acquiring a development site in Doral for $38 million. The 7.8-acre property, located at 1556 Northwest 110th Street, is approved for the construction of a 10-story building with 690 apartments.
The Transaction
The site was marketed and sold by an Avison Young team led by David Duckworth and Michael T. Fay. The previous owner, an affiliate of Procacci Development Corp. based in Boca Raton, purchased the vacant land near Dolphin Mall in 2020 for $3.1 million, according to public records.
Multifamily Development Trends
Coastland Residential, led by founders Anthony Seijas and Alejandro Rodriguez, joins a growing trend of multifamily development in South Florida. This comes as the rental market shows signs of cooling, with over 19,000 new apartments expected to be completed by the end of the year. According to a Berkadia report, rental occupancy rates are declining, prompting landlords to offer concessions to attract new tenants.
Coastland's Past Projects
Coastland Residential has a history of successful projects in the Miami area. In 2021, the company completed Vista Lago, a 288-unit complex in Miami Gardens, consisting of 11 three-story buildings. Last year, they developed Hidden Lake, a five-story building with 133 apartments in the Kendall neighborhood of southwest Miami-Dade County.
Other Developments in Northwest Miami-Dade
Coastland is not alone in pursuing multifamily developments in northwest Miami-Dade. Developers like David Martin's Terra and Dallas-based Lincoln Property Company are also active in the area. Terra recently secured a $35.3 million pre-construction loan for Upland Park, a mixed-use project near Dolphin Mall that will feature 900 apartments, retail space, and parking. Meanwhile, Lincoln Property obtained a $102.9 million construction loan for its Park Square at Doral project, which will include a 14-story building with 291 apartments.